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U.S. TRADE AND DEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
September 30, 2020 and 2019
(6) Leases
USTDA has no capital leases. Regarding its building lease, the General Services Administration (GSA) entered into a lease agreement for USTDA’s rental of its current building space with the lease term commencing on February 24, 2018. USTDA also entered into an Occupancy Agreement with GSA for a ten-year term, with a five-year renewal option period. USTDA pays GSA a standard-level users’ charge for the annual rental which, approximates the commercial rental rates for similar properties.
USTDA took occupancy of its current building space in March 2018, from which point it received a rental abatement for six months, through August 2018. In FY 2018, USTDA paid a total of $819,775 in rental payments and recorded a total of $1.7 million in rent expense considering the value of the deferred rent discussed in Note 5. In FY 2019 and 2020, USTDA paid approximately $1.8 million in rent expense each year. Future lease payments will be made in accordance with the Occupancy Agreement between USTDA and GSA.
Below is a schedule of estimated future payments for the terms of the lease:
Fiscal Year
FY 2021 FY 2022 FY 2023 FY 2024
FY 2025 and beyond
Total future lease payments
$
$
Total
1,848,073 1,865,725 1,883,907 1,902,634 6,622,548
14,122,887
    U.S. TRADE AND DEVELOPMENT AGENCY  ANNUAL REPORT 2020 51


















































































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